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Notes Receivable (Tables)
 3 Months Ended
Mar. 31, 2020
Summary of Outstanding Note Receivable Balance
The following table sets forth the carrying value of the Company’s notes receivable:
 
                 
 
March 31,
2020
 
  
December 31,
2019
 
AdvisorEngine – Unsecured convertible notes
  $
—  
     $
2,126
 
AdvisorEngine – Unsecured
non-convertible
note
    
8,500
     
26,046
 
                 
Subtotal
  $
8,500
    $
28,172
 
Less: Allowance for credit loss
(1)
    
(—
 )    
(—
 )
                 
Carrying value, net
(1)
   $
8,500
     $
28,172
  
                 
 
 
 
 
 
 
 
 
 
(1) Credit losses of $19,672 were recognized as impairment on the Company’s Statements of Operations during the three months ended March 31, 2020 which resulted in a
write-off
of the carrying value of the notes receivable rather than an increase in the allowance for credit loss. This was comprised of write-offs of the carrying values of the unsecured convertible notes and unsecured
non-convertible
note of $2,126 and $17,546, respectively
, during the three months ended March 31, 2020
. See Note 7 for additional information.
 
 
 
 
 
 
 
 
Notes Receivable [Member]  
Summary of Company Allowance For Credit Loss
The following table sets for a rollforward of the Company’s allowance for credit loss on notes receivable:
                         
 
Total
 
  
Notes
Receivable
 
  
Accrued
Interest
 
Unsecured Convertible Note:
 
 
 
  
 
 
  
 
 
Balance on January 1, 2020
  $
—  
     $
—  
     $
—  
  
Increase in allowance for credit loss
(1)
    
(2,126
 )    
(2,090
 )    
(36
 )
Write-offs charged against the allowance
(1)
    
2,126
     
2,090
      
36
  
                         
Balance on March 31, 2020
  $
(—
 )   $
(—
 )   $
(—
 )
                         
Unsecured
Non-Convertible
Note:
    
     
     
 
Balance on January 1, 2020
  $
—  
     $
—  
     $
—  
  
Increase in allowance for credit loss
(1)
    
(17,546
 )    
(14,618
 )    
(2,928
 )
Write-offs charged against the allowance
(1)
    
17,546
     
14,618
     
2,928
  
                         
Balance on March 31, 2020
  $
(—
 )   $
(—
 )   $
(—
 )
                         
Allowance for credit losses – Total:
  $
(—
 )   $
(—
 )   $
(—
 )
                         
 
 
 
 
 
 
 
 
 
(1) Total increase in allowance for credit loss of $19,672 was recorded as impairment on the Company’s Consolidated Statements of Operations. Write-offs were charged against the allowance as the Company
is in receipt of information
that contractual amounts of principal and interest due will not be paid in connection with the exit from its investment in AdvisorEngine. See Note 7 for additional information.